11 thousand employees at Meta are preparing for layoffs

Meta Platforms Inc. is planning significant layoffs. This may be the largest round of IT reductions, especially in light of the industry’s expansion. By the end of September, Meta claimed to employ more than 87,000 people. The employees claim that the firm management has already instructed them to postpone unnecessary trips. 

The organisation’s planned layoffs would mark the first significant headcount reductions in its 18 year history. Even though it is smaller on a percentage basis than the recent cuts at Twitter which affected half of the staff. 

Mark Zuckergerg declared that they would focus their investments on a handful of high priority growth areas. He also said that some teams will grow, but the bulk of other teams will either stay steady or shrink in the coming year. He wants to believe that by 2023 they will be either roughly the same size or slightly smaller. 

During the pandemic life and business moved online, and Meta, like other tech giants, went on a recruiting rampage. More than 27,000 people were hired in total between 2020 and 2021. They added 15,344 more employees in the first nine months of this year or around 14% more than in the most recent quarter. 

This year Meta’s stock fell more than 70%. The company’s spending, possible threats to its primary social network business, as well as the company’s spotlight of deteriorating macroeconomic conditions have frightened investors. 

The company’s growth has stalled in several locations as a result of TikTok’s tough competition and Apple’s Inc’s requirements that customers consent to Apple tracking of their devices. The ability of social media sites to target advertisements has been hampered as a result.